Property market update: Melbourne, April 2022
Melbourne’s growth plateaued over April and posted its first quarterly since the start of the pandemic boom, further d...
The definition of insanity is ‘doing what you have always done and expecting a different result’. So, to change the result you’re getting, you have to change the way you think. Simple, right?
Blogger: Helen Collier-Kogtevs, Real Wealth Australia
It seems so in theory, but actually making changes to how you think and what you believe to be true can be really challenging. Habits are what cause you to stay on the treadmill and while you’re plodding along, you’re actually wasting your valuable time ‘wishing’ for a desired outcome that you’re not even actively pursuing.
For instance, I used to dream of being debt free. I had bucketloads of bad debts, including credit cards, personal loans and store accounts, but I only paid the minimum amount due each month. And even though I desperately wanted to get rid of my debts, I had no idea where to start or how to approach it, so I just didn’t do anything about it.
In a nutshell, I kept doing what I was always doing – paying the minimums and clocking up new debts on my credit cards – but I was hoping my debts would miraculously take care of themselves.
I’m sure you can relate to my story in some situation in your own life. And I’m sure you understand what I mean when I say that you can continue doing what you’ve always done, but it will only get you the results that you have always gotten… so why not ask for more in life?
If you want to become a successful property investor, then you need to start thinking like one. If you are careless with money and spend it frivolously, then how do you expect to growth real wealth?
Here are a few mindset tips to get you started on your new journey:
1. Determination keeps you focused. An unstoppable attitude stops negativity in its tracks and prevents it from deterring you from your goals. Don’t listen to friends and family who try to dissuade you and instead, remain focused on the task of creating wealth.
2. It takes courage. Property investing requires to you ask lots of questions, talk to strangers and ask for what you want – so if you’re shy or don’t like to negotiate, it can be a daunting experience. Remember that sometimes, it takes courage to carry out what you believe in.
3. Be open to learning. As you travel towards your own version of success, you need to keep an open mind and enjoy what you learn along the way. Otherwise, it just becomes too easy to quit. I’ve been doing this for over a decade and I’m still learning new things…
4. Feel the fear and do it anyway. We all have fears. It’s inevitable. But the difference between the rich and the poor is that the poor are stopped by their fears, while the rich feel the fear, weigh up the risks and then take action anyway. This is one of the best skills you can learn.
Until next time, happy investing.